7 Keys to growth Part 3

6. STRONG CORE VALUES

Strong Core Values - developing accepted fundamental principles, standards or beliefs that motivate the organization and drive decision making.

Do you have a documented set of core values, mission statement, core principals or beliefs?

Would your leadership team unanimously define the company’s core values?

Would a survey of your employees indicate that you are really living your values?

7. ABILITY TO EXECUTE

Ability to Execute - The ability to execute is a fundamental capability that all organizations need as a competency. Yet, most organizations have not developed tangible strategic objectives or a process or culture of accountability and performance. Without the ability to execute, a company will not grow or improve its performance.

Research shows the four areas a company needs to focus on to improve its ability to execute. They are:

• ·      Define tangible objectives: many companies do not have tangible objectives. Tangible means you can measure success – with numbers.
• ·    Balance objectives with resources: many companies have too many objectives to accomplish based on the limited resources available. Successful companies complete a smaller list of objectives then add to them.
• ·         Link incentives to performance: people are motivated by incentives that drive them to accomplish objectives. Successful companies link accomplishing objectives to incentives.
• ·         Develop a culture of accountability: successful companies are extremely disciplined in focusing on the objective, measuring progress and holding people accountable. If a company struggles with execution this is most often where the problem lies.

Questions to ask yourself to see how well your company executes.

• ·         Are there a discrete number of objectives with tangible results defined?
• ·         What per cent of the objectives defined last year did you accomplish? (Don’t exclude the objectives which weren't accomplished because ‘things changed’.)
• ·         Do you find the company starting off well yet ‘losing steam’ later in the year?
• ·         Are there concrete incentives for accomplishing objectives?
• ·         Would your employees score the company high on its ability to execute?

        (I found this enriching I hope you do. Courtesy: Growth Strategy Partners)